Warehouse Receivables & Warehouse Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2020

Warehouse Receivables And Warehouse Lines Of Credit [Abstract]

A rollforward of our warehouse receivables is as follows (dollars in thousands):

Beginning balance at December 31, 2019	$	993,058
Origination of mortgage loans		3,859,407
Gains (premiums on loan sales)		16,294
Proceeds from sale of mortgage loans:
Sale of mortgage loans		(3,579,337	)
Cash collections of premiums on loan sales		(16,294	)
Proceeds from sale of mortgage loans		(3,595,631	)
Net increase in mortgage servicing rights included in warehouse receivables		131
Ending balance at March 31, 2020	$	1,273,259

Summary of Warehouse Lines of Credit in Place

The following table is a summary of our warehouse lines of credit in place as of March 31, 2020 and December 31, 2019 (dollars in thousands):

			March 31, 2020				December 31, 2019
Lender	Current Maturity	Pricing	Maximum Facility Size		Carrying Value		Maximum Facility Size		Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan)	10/19/2020	daily one-month LIBOR plus 1.30%	$	985,000	$	814,604	$	985,000	$	267,075
JP Morgan	10/19/2020	daily one-month LIBOR plus 2.75%		15,000		3,923		15,000		—
Capital One, N.A. (Capital One)	7/27/2020	daily one-month LIBOR plus 1.25%		200,000		54,975		200,000		39,538
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program	Cancelable anytime	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		450,000		31,300		450,000		360,784
TD Bank, N.A. (TD Bank)	6/30/2020	daily one-month LIBOR plus 1.15%		800,000		114,806		800,000		92,266
Bank of America, N.A. (BofA)	5/27/2020	daily one-month LIBOR plus 1.20%		350,000		86,779		350,000		189,465
BofA	5/27/2020	daily one-month LIBOR plus 1.15%		250,000		—		250,000		17,457
MUFG Union Bank, N.A. (Union Bank) (1)	6/28/2020	daily one-month LIBOR plus 1.20%		350,000		152,445		350,000		10,590
			$	3,400,000	$	1,258,832	$	3,400,000	$	977,175

(1)

On June 28, 2019, we added a new warehouse facility for $200.0 million with Union Bank. This facility contains an accordion feature which allows for temporary increases not to exceed an additional $150.0 million. If utilized, the additional borrowings must be in predefined multiples and are not to occur more than three times within twelve consecutive months. Since inception, no short-term temporary increases have been requested.